ADES Holding renews $266.4mln jackup deal
ADES Holding Company has signed a contract renewal for one of its standard offshore jackup rigs with A Major National Oil Company on 7 April 2025.
The unit was among the six suspended rigs that were previously operating in Saudi Arabia, according to a bourse filing.
Total backlog for the renewal is estimated at SAR 1.08 billion ($290 million).
The standard jackup is currently fulfilling a medium-term contract in Egypt.
Mohamed Farouk, CEO of ADES Holding, said: 'This 10-year renewal, and similar ones recently secured in the Kingdom, added a significant amount of long-term backlog to the group, promoting business sustainability and increased revenue visibility.'
He noted: 'The new award validates the group's optimism as regards to the outlook of our business in the Kingdom, and we look forward to continuing to deliver our best-in-class safety and operational performance that has become synonymous with the ADES name.'
'The group also plans to continue focusing on securing further renewals and backlog additions in our key markets to boost long-term revenue visibility, and to capitalize on the prevailing tightness in the global offshore jack-up market,' Farouk concluded.
The Tadawul-listed group recently secured a charter agreement for its premium jackup rig, Admarine 511, to execute a contract for Petrobras in Brazil.
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